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BillTaylor works at a factory making an annual salary of $90,000. On the side, he...

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Accounting

  1. BillTaylor works at a factory making an annual salary of $90,000. On the side, he owns his own excavating business where his net earnings from self-employment are $50,000 for the year. Calculate the following for Luke, for his self-employment earnings only (6 points):

  1. Amount of OASDI (Social Security): __________ (3 points)

  1. Amount of HI (Medicare) taxes: _____________ (3 points)

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